Syllabus of CAF2 TAX PRACTICES

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Syllabus of CAF2 Tax Practices

Syllabus GRID

Here is the grid of Syllabus of CAF Tax Practices.

GridWeightage
Objective, System and Historical Background, Constitutional Provisions and Ethics5-10
Income Tax Laws60-75
Sales Tax Laws20-30
Total100

Course Outline

The course outline gives an overview of Syllabus of CAF Tax Practices. The detailed Syllabus of CAF Tax Practices for Spring 2022 attempt is given below.

Objective, System and Historical Background, Constitutional Provisions and Ethics:

Basic Concepts of taxation and Constitutional Provisions:

  • Discuss the implication of direct and indirect taxation.

Federal and Provincial Financial Procedures:

  • Describe Federal Consolidated Fund and Public Account.
  • Describe Provincial Consolidated Fund and Public Account.
  • Explain   the   provisions   related   to   the   distribution   of revenues between the Federation and Provinces.
  • Discuss  taxes  that  can  be  raised  under  the  authority  of Parliament.
  • Describe the powers of provincial assemblies in respect of provincial taxes.

Ethics:

  • Discuss  the  objectives  and  rights  of  the  state  to  tax  its citizens.
  • Discuss   morality   behind   compliance   with   tax   laws   by taxpayers and tax practitioners.
  • Describe   the   powers   vs   ethical   responsibilities   of   tax implementation authorities
  • Discuss   pillars   of   tax   administration,   namely;   fairness, transparency, equity and accountability.
  • Explain the basic difference between evasion and avoidance of tax.

Income Tax Laws:

Central Concepts:

  • Describe the central concepts and scope of income

Chargeability and Computation of Income and Tax:

  • Compute  income,  taxable  income  and  tax  thereon  under various  heads  of  income  for  non-corporates  i.e.  salary, income from property, income from business, capital gains and income from other sources.
  • Apply  the  provisions  relating  to  carry  forward,  deductible allowances, set-off of losses, tax    credit and tax exemptions/concessions.

Procedural Aspects: Returns, Assessments, Appeals and Records:

  • Explain     tax     compliance     requirements     and     related submissions
  • Identify persons required to furnish a return of income and wealth statement.
  • Explain the provisions of law relating to the method of filing, revision, due dates for filing and extension in the date for filing of return/statement.
  • Prepare return of income and wealth statement along with its reconciliation.
  • Communicate   with   Inland   Revenue   Authorities   (filing applications, representations and extensions).
  • Explain  the  provisions  of  law  relating  to  various  types  of assessment.
  • Discuss  the  provisions  of  law  relating  to  maintenance  of records and audit of income tax affairs of a person.
  • Describe   procedure   involved   in   appeals   before   various appellate authorities i.e. Commissioner (Appeals), Appellate Tribunal, High Court and Supreme Court.
  • State   provisions   of   law   relating   to   alternative   dispute resolution.

Sales Tax Laws:

Scope and Payment of Tax:

  • Calculate sales tax  (output  and  input)  on  taxable  supplies (including zero-rated and exempt supplies).
  • Discuss the   time  and manner  of  sales tax  liability  and  its payment.
  • Calculate     apportionment     of     input     tax     and     carry forward/refund thereof.

Registration:

  • Describe the types, requirements and procedures involved for registration, de-registration and returns.

Book Keeping and Invoicing Requirements

  • List  the  records  to  be  kept  by  a  registered  person  and explain the related retention requirements and procedures involved in the audit.
  • State the significance of tax invoice, debit and credit notes and their related requirements.
  • Explain the procedure for the destruction of goods.

Syllabus of CAF2 Tax Practices:

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